The British Pound declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Sellers are now aiming to test support at 172.44, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 171.75. Alternatively, a turn back above the 38.2% Fib at 173.13 opens the door for a challenge of 173.98, the 23.6% retracement.

The available trading range is too narrow to justify a trade on the long or short side. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.